Why are farmlands in india so expensive

I was talking to my driver who is from alipur near ghamroj toll gurugram. He was telling me that farmlands from there till sohna dmic corridoor are in the range of 25 cr per acre and this is a real transaction that happened 3 years ago. Can someone help me with economics of this. Who is buying at these insane rates. Even if you construct a multistory at 60 flats per acre at 1 cr per flat you will not even recover your land cost and construction cost and no one would even buy these flats unless distressed. Industry deveopement is going to take decades. It seems to me a greater fool theory at play here and land prices in a massive bubble.